Stamping out some of the misconceptions about life insurance.

Well. We're here to tell you why these statements are not only incorrect, but that the opposite to each of these statements is true!

Insurers DO pay claims

Insurance is more affordable than you think

Yes, insurance could be for everyone - not just people who have kids and a mortgage!

Let's debunk those myths and get the facts. If you're making decisions about protecting your family, you'll want to base your future on fact - not fiction.

Myth 1 - Life insurance companies don't pay claims!

At Asteron Life, we pride ourselves on delivering on the promise we make to you when you take out a policy. In 2015, we paid more than $319 million in total claims across our life, trauma, Income Protection & Business Expenses; and Total and Permanent Disability portfolios.1

Myth 2 - Life insurance is too expensive

For most Australians, insurance is very affordable! Talk to your financial adviser to discuss how you can get cover to help protect your family's lifestyle. And, of course, the benefits of having life insurance can far outweigh the costs!

Myth 3 - I'm young and healthy - so insurance isn't for me

Life insurance can help people of all ages, and from all walks of life - it's not just for parents with kids and a mortgage.

Even if you're young, single and healthy today, insurance could be important to help you protect your lifestyle, your independence and cover your debts - in the event that you need to.

Insurance policies like Income Protection or Trauma can help you cover the bills, pay your rent or mortgage, cover medical expenses and continue to fund your lifestyle if you can't work because you get sick or injured.

You might not have enough cover in your super fund. You may have some life insurance (death cover) through your super policy, but on average people with cover through super have less than half the level of cover they need.2

Insurance through super also usually doesn't give you access to all insurance types - like Income Protection or Trauma cover.

You should contact your super fund, or check your annual statement, to see what level - and types - of cover you already have. Then speak to a financial adviser about whether this is right for your needs.

Myth 5 - I'm covered by my private health insurance

Private health insurance provides valuable protection against the medical expenses associated with sickness and injury. But this is where it starts and stops: it's for medical expenses only. It won't cover your bills, debts or replace your lost income if you have to take an extended period off work due to illness or injury.

Private health insurance also may not cover the total cost of your treatment, or rehabilitation - potentially leaving you with a 'gap' that needs to be paid out of your own pocket.

To help ensure you have no insurance gaps, a complete protection plan should encompass both private health insurance and life insurance.

Myth 6 - The government will look after me if I get sick

The Government, through Centrelink, provides financial assistance for people who suffer a serious disability.

But the Disability Support Pension doesn't go far and there are rules around who is eligible for it.

From 20 September 2009 the Disability Support Pension for a single over age 21, or under 21 with children, is $671.90 per fortnight.3

At $17,469 per annum, that's around a quarter of the average full-time income of $62,270.3 This could leave you with a funding gap when it comes to covering the bills, your rent or mortgage, medical expenses and your lifestyle.

To us, life insurance is all about 'celebrating life' and getting the most out of today – knowing that if anything ever does go wrong, you're covered. Have a question? Contact us and we will be happy to help.

1 This statistic is based on claims paid under all Asteron Life policies (including insurance policies through superannuation) and some Suncorp branded superannuation products between 1st January 2015 and 31st December 2015.

This article has been written by and presented by Suncorp Life & Superannuation Limited ABN 87 073 979 530, trading as Asteron Life. Information provided is subject to change.

Any advice provided is general only and does not take into account a person's objectives, financial situation or needs. A person should consider the appropriateness of the advice and the relevant Product Disclosure Statement and any other product documentation, and obtain professional financial advice before acquiring or continuing to hold a product.

Before moving your super you should consider: any fees payable (e.g. for exit or withdrawal), where future employer contributions will be paid; whether current insurance entitlements will be retained or equivalent cover made available; and any other possible impact, e.g. to your investments and tax position.

Smarter Years

Asteron LifeTM is committed to helping customers achieve long term financial security. We provide life insurance products including income Protection Covers, Trauma Cover, Total & Permanent Disablement (TPD) Cover, Life Cover and Business Expenses Cover. We are committed to helping customers get - and stay - healthy for life, by giving customers access to the Asteron Life Wellbeing Program. To obtain a copy of our privacy statement, please contact us on 1800 221 727 or visit the following website www.asteronlife.com.au/privacy to view or download the policy.